Did you know that over 38 million Nigerian adults remain financially excluded, without access to formal banking services? That’s a massive untapped market, and fintech apps are the key to bridging this gap.
If you’ve ever thought of launching a mobile banking, savings, or loan app in Nigeria, now is the time. In this guide, we’ll walk you through how to build a fintech app that caters to Nigeria’s unbanked and underserved communities.
Step 1: Identify the Problem You’re Solving
The unbanked population in Nigeria often faces:
- Lack of trust in traditional banks
- No access to physical bank branches
- Poor financial literacy
- Lack of required documentation like BVN
To serve them well, your app must solve a specific financial pain point. Some options include:
- Mobile wallets for savings and transfers
- Agent banking platforms
- Micro-loans and buy-now-pay-later options
- Bill payments and airtime top-ups
- Cooperative savings (ajo/esusu) digitization
Step 2: Design for Simplicity and Trust
Your users may be first-time app users. That means your design must be:
- Simple and visual — large buttons, easy navigation
- Local-language friendly — include Yoruba, Hausa, Igbo where possible
- Offline-capable — allow some transactions via USSD
- Trust-building — show security messages, verified icons, and real-time support
The goal is to make your app feel like a safe, familiar tool, not an intimidating financial product.
Step 3: Key Features Your Fintech App Needs
To effectively serve the unbanked in Nigeria, consider including:
- Easy onboarding with minimal KYC (Name, Phone, NIN)
- Mobile wallet with send/receive features
- Airtime and data recharge
- Utility bill payment (NEPA, DSTV, etc.)
- Savings or group thrift modules
- Access to microloans with credit scoring
- Push and SMS notifications
- Agent locator (if you’re building agent-based banking)
Security features like PIN authentication, OTPs, and biometric login (for newer devices) are critical as well.
Step 4: Choose the Right Tech Stack
For wide device support and speed, use:
- Flutter for Android and iOS mobile apps
- Node.js or Django for backend APIs
- Firebase or PostgreSQL for real-time data and storage
- Paystack, Flutterwave, or Monnify for wallet and payment processing
- Smile Identity or VerifyMe for identity verification (KYC)
Ensure your platform is built with security-first architecture — encryption, two-factor authentication, and secure APIs are non-negotiable.
Step 5: Regulatory Compliance Is Key
You can’t launch a fintech app in Nigeria without meeting CBN guidelines. Depending on your business model, you may need:
- A Microfinance Bank license
- Mobile Money Operator license
- Partnership with a licensed financial institution
Work with a legal advisor who understands Nigeria’s fintech regulation. If you’re starting small, partner with a licensed entity while you build your user base.
Step 6: Build, Test, and Pilot Your App
Once your features and backend are ready, conduct a soft launch in one region or among one user type (e.g. market women, okada riders, or students). Get feedback. Fix bugs. Then expand.
It’s best to work with a Nigerian-based developer like Appfur Nigeria that understands both the tech and the terrain.
Step 7: Educate, Market, and Scale
Fintech success isn’t just about building an app — it’s about building trust and changing behavior.
- Host physical onboarding events
- Use radio, WhatsApp, and community influencers to educate users
- Offer incentives for referrals and usage
- Provide fast, friendly customer support
As you scale, gather usage data to introduce better credit scoring, personalized offers, and loyalty rewards.
Final Thoughts
Creating a fintech app for Nigeria’s unbanked isn’t just a business opportunity — it’s a way to change lives. If you focus on solving real financial problems with simplicity and trust, you can build a product that’s truly impactful.
Need help building a reliable fintech app? At Appfur Nigeria, we specialize in secure, scalable fintech solutions tailored for the local market. Let’s build the future of finance, together.
We design and build high-quality, scalable mobile apps tailored to your needs.
Let’s talk! Message us on WhatsApp now: Click Here
Your next big app starts here!
